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Lokpal dismisses all complaints against former Sebi chief Madhabi Puri Buch
The Lokpal stated there was no credible evidence to justify any investigation against Buch. "... We have concluded that the allegations in the complaint(s) are more based on presumptions and assumptions and not supported by any verifiable material and do not attract the ingredients of the offences in Part III of the Act of 1988, so as to direct an investigation therefore... accordingly, these complaints are disposed of," the order stated.
The order further noted: "The complainant(s), being conscious of this position, advisedly attempted to articulate allegations independent of the stated report, but the analysis of the allegations by us ended with a finding that the same are untenable, unsubstantiated and bordering on frivolity."
The decision was issued on May 28 by a six-member bench led by Lokpal chairperson Justice AM Khanwilkar.
Five key allegations examined
While reviewing the case, the Lokpal examined five main allegations made against Buch:
Investments made by Buch and her husband Dhaval Buch in a fund reportedly linked to the Adani Group.
Receipt of consultancy fees from companies such as Mahindra & Mahindra and Blackstone Inc., allegedly in return for favours.
Alleged rental income from Wockhardt viewed as a quid pro quo.
Gains from selling ICICI Bank ESOPs between 2017 and 2024.
Claims of pretending to recuse herself from matters involving M&M and Blackstone while still being involved.
The Lokpal found no substance in any of the claims.
"The complainant(s), by making such unverified and flimsy or fragile allegations, only to sensationalise or so to say politicise the matter, has inevitably trivialised the process before the Lokpal. It is nothing short of vexatious proceedings actionable under Section 46 of the Act of 2013. We say no more," the order noted.
Complaints linked to Hindenburg report
The complaints, including one from Trinamool Congress MP Mahua Moitra, were based largely on a report by Hindenburg Research, which had alleged that Buch and her husband were involved in offshore funds tied to the Adani Group.
The Lokpal clarified that the report alone could not form the basis for action. "The complainant(s), being conscious of this position, advisedly attempted to articulate allegations independent of the stated report, but the analysis of the allegations by us ended with a finding that the same are untenable, unsubstantiated and bordering on frivolity," the order said.
Buch and her husband had denied the claims, saying the accusations were an attempt to tarnish her image and undermine the credibility of Sebi.
The Adani Group had also called the report malicious and accused it of manipulating selective public information.
Formal proceedings and responses
Lokpal had first asked Buch to respond to the complaints on November 8 last year. She submitted her affidavit on December 7, 2024, responding to each allegation and raising preliminary objections.
An oral hearing was held on December 19, 2024, where both sides were allowed to present their arguments. Additional written submissions were later made.
Oral arguments were heard again on April 9, 2025. According to the order: "The advocate for the complainant in the second complaint made exhaustive oral submissions. The proxy counsel appearing for the complainant in the third complaint opted to file written submissions. Although the complainant in the third complaint has been represented by an advocate, neither the complainant nor the advocate appeared to make oral submissions."
Buch was represented by a senior advocate who gave a detailed argument in her defence. After hearing both sides, the bench allowed more time for written submissions before reaching its decision.
Allegations deemed speculative
The Lokpal ultimately found the allegations to be speculative and lacking credible support. "... what the complainant(s) are inviting us to do is to conduct a roving inquiry into the allegations which are unfounded, speculative and bordering on frivolity," the order said.
Madhabi Puri Buch served as Sebi chief from March 2, 2022, until the end of her term on February 28, 2025. The Lokpal's decision brings closure to the allegations made against her, reaffirming that there was no reliable evidence to support the claims.
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